Do Kwon, the South Korean cryptocurrency boss who was jailed in Montenegro for forging documents.
Do Kwon is the founder of Terraform Labs, a blockchain platform that created the TerraUSD and Luna tokens, which lost their value in a matter of days in May 2022, causing a $40 billion loss for investors and a panic in the crypto market.
He was charged with fraud by the US Securities and Exchange Commission in February 2023, for allegedly misleading investors about the stability of TerraUSD and making false claims about its value
. He was also indicted by US prosecutors for securities fraud, wire fraud, commodities fraud and conspiracy.
He was also wanted by South Korean authorities for violating the capital market laws and defrauding investors in his home country. He denied the charges and said they were politically motivated.
He was arrested in March 2023 at Podgorica Airport in Montenegro, while trying to board a flight to Dubai with fake passports and identity cards. He was travelling under a false name and had two Costa Rican passports, two Belgian passports and two identity cards.
He was sentenced to four months in prison in Montenegro on June 20, 2023, after being found guilty of falsifying documents. His sentence includes the 85 days he spent in detention. He can appeal the court's decision within eight days of receiving the letter.
-Montenegro does not have extradition treaties with the US or South Korea, so it is unclear what will happen to him after he serves his sentence.